Warner Bros. released psychological horror "The Shining" in 1980. Warner Bros./TCD/Prod.DB/Alamy Stock Photo

Netflix announced Friday that it has agreed to acquire Warner Bros. Discovery’s film studio and HBO assets, including the streaming service, for $82.7 billion, including debt.

Netflix outbid media conglomerates Paramount and Comcast in a bidding war that began after Warner Bros. Discovery announced in June that it would split into two companies in mid-2026.

Warner Bros. Discovery is the parent company of CNN.

The studios of Warner Bros. Entertainment in Burbank, California, circa 1933. Imagno/brandstaetter images/Hulton Archive/Getty Images

Netflix expects the acquisition will close in 12-18 months.

Warner Bros. Pictures is one of the five big Hollywood studios, which

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